Share Based Payments

12 Months Ended

Dec. 31, 2022

5. SHARE BASED PAYMENTS

The amounts recorded as share based compensation expense consist of restricted stock awards issued to officers and employees that have vesting periods up to three years. Awards are typically made pursuant to employment agreements. Restricted stock awards are granted out of the Company’s 2022 and 2021 Equity Compensation Plans.

We determine the fair value of restricted stock awards based on the closing price of our stock on the date of grant. We generally recognize compensation expense related to restricted stock awards on a straight-line basis over the period during which the restriction lapses. Forfeitures are recognized in the period in which they occur. The following table presents a summary of the Company’s restricted stock grants outstanding at December 31, 2022, and restricted stock activity during the year ended December 31, 2022 (“Price” reflects the weighted average share price at the date of grant):


	Awards	Price
Grants outstanding, beginning of period	1,084	$	3.77
Granted	940	3.16
Vested (restriction lapsed)	(1,138)	3.60
Forfeited	(30)	9.93
Grants outstanding, end of period	856	$	3.10

Recognized Non-Cash Compensation Expense

The following table summarizes stock-based compensation expense recognized by the Company for the years ended December 31, 2022, and 2021. The Company recognized tax benefits of $0.2 million related to stock-based compensation for the year ended December 31, 2021. Tax expense related to stock compensation for the year ended December 31, 2022 was not material.


	Year Ended December 31,
	2022		2021
Operating expenses excluding depreciation and amortization	$	565	$	1,216
Corporate expenses	1,950		2,214
Income from discontinued operations before income taxes	232		220
Stock-based compensation expense	$	2,747	$	3,650

As of December 31, 2022, there was $1.6 million of unrecognized compensation cost related to nonvested stock-based compensation arrangements. The cost is expected to be recognized over a weighted average period of approximately 1.8 years.